Generative AI Market: Global Industry Analysis, Trends, Market Size, and Forecasts up to 2030

The report on the global generative AI market provides qualitative and quantitative analysis for the period from 2021-2030. The global generative AI market was valued at USD 10.21 billion in 2022 and is expected to reach USD 110.97 billion in 2030, with a CAGR of 30.39% during the forecast period 2023-2030. The study on generative AI market covers the analysis of the leading geographies such as North America, Europe, Asia Pacific, and RoW for the period of 2021-2030.

The 'Generative AI Market' refers to the worldwide marketplace for Artificial Intelligence (AI) technologies and solutions that specialize in creating or generating content in creative and human-like ways. Unlike traditional AI, which focuses on tasks like classification and prediction, generative AI can autonomously produce various forms of content, such as text, images, videos, and music. Within this global market, numerous technology companies and service providers offer a wide range of products, services, and applications that harness generative AI techniques. These solutions aim to create unique and valuable content, address complex challenges, and enhance various aspects of businesses and industries. The scope of the global generative AI market is extensive and continually expanding as AI technology advances further in the business landscape.

The growing demand for attractive and creative content in industries like marketing, advertising, entertainment, and design is driving the widespread adoption of generative AI solutions. Businesses are actively seeking AI-powered tools to produce top-tier text, images, videos, and other content that resonates effectively with their target audiences. Furthermore, the evolution of Natural Language Processing (NLP), exemplified by advancements like GPT-3, has played a pivotal role in expanding the use of generative AI. This progress has significantly enhanced the capability of generative AI to generate human-like text, leading to its adoption in various applications such as content generation, chatbots, and virtual assistants. However, implementing generative AI solutions often necessitates substantial initial investments in infrastructure, training, and technology integration. These financial requirements can pose challenges and act as constraints on the growth of the market. Nevertheless, the future prospects for the global generative AI market are filled with opportunities. These include content creation and marketing, the utilization of virtual assistants and chatbots, innovations in creative industries, and numerous other applications.

In the upcoming forecast period, North America is expected to maintain a prominent market share in the generative AI market. Specifically, the United States stands out as a global leader, housing renowned technology companies, research institutions, and innovation centers. These entities are at the forefront of driving advancements in generative AI, investing extensively in research and development initiatives. Furthermore, North America boasts a thriving artificial intelligence ecosystem, characterized by a concentration of AI startups, tech giants, and academic institutions. This dynamic ecosystem promotes innovation and collaborative efforts, creating a fertile environment for the development of generative AI solutions. Moreover, North America remains an attractive destination for substantial investments in AI technologies. Venture capital firms and investors actively channel funding into AI startups and projects, ensuring the availability of crucial financial resources for research and the commercialization of generative AI technologies. On the other hand, the Asia-Pacific (APAC) region emerges as the fastest-growing segment in the generative AI market. APAC nations, with a notable focus on countries like China and India, have witnessed robust economic growth in recent years. This economic expansion has translated into increased investments in technology, including generative AI, to enhance various sectors of their economies, North America's continued dominance in generative AI is underpinned by its established leadership in technology, research, and funding, while APAC's rapid growth highlights its emergence as a significant player in the global generative AI landscape, driven by economic expansion and technological investments.

Report Findings

1) Drivers

• The growing demand for captivating and creative content in industries like marketing, advertising, entertainment, and design is driving the widespread adoption of generative AI solutions.
• The evolution of Natural Language Processing (NLP), exemplified by advancements like GPT-3, has played a pivotal role in expanding the use of generative AI.

2) Restraints

• Implementing generative AI solutions often necessitates substantial initial investments in infrastructure, training, and technology integration. These financial requirements can pose challenges and act as constraints on the growth of the market.

3) Opportunities

• Future prospects for the global generative ai market are filled with opportunities such as content creation and marketing, the utilization of virtual assistants and chatbots, innovations in creative industries, and numerous other applications.

Research Methodology

A) Primary Research

The primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents.

The primary respondents approached include:

1. Key Opinion Leaders
2. Internal and External subject matter experts
3. Professionals and participants from the industry

The primary research respondents typically include:

1. Executives working with leading companies in the market under review
2. Product/brand/marketing managers
3. CXO level executives
4. Regional/zonal/country managers
5. Vice President level executives.

B) Secondary Research

Secondary research involves extensive exploring through the secondary sources of information available in both the public domain and paid sources. Each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources.

The secondary sources of the data typically include:

1. Company reports and publications
2. Government/institutional publications
3. Trade and associations journals
4. Databases such as WTO, OECD, World Bank, and among others.
5. Websites and publications by research agencies

Segments Covered

The global generative AI market is segmented on the basis of component, technology, and end user.

The Global Generative AI Market by Component

• Software
• Service

The Global Generative AI Market by Technology

• Generative Adversarial Networks (GANs)
• Transformer
• Variational Autoencoder (VAE)
• Diffusion Networks
• Retrieval Augmented Generation

The Global Generative AI Market by End User

• Media and Entertainment
• BFSI
• IT and Telecom
• Healthcare
• Automotive and Transportation
• Others

Company Profiles

The companies covered in the report include:

• Synthesia Limited
• Google LLC
• Adobe Systems Incorporated
• Genie AI Ltd.
• Amazon Web Services, Inc.
• Mostly AI
• D-ID AI Video
• Microsoft Corporation
• IBM Corporation
• Rephrase Technology Corp.

What does this Report Deliver?

1. Comprehensive analysis of the global as well as regional markets of the generative AI market.
2. Complete coverage of all the segments in the generative AI market to analyze the trends, developments in the global market and forecast of market size up to 2030.

3. Comprehensive analysis of the companies operating in the global generative AI market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and latest developments of the company.

4. The Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.